Orogen Royalties Announces Profitable Q1-2024 Results

VANCOUVER, BC / ACCESSWIRE / May 29, 2024 / Orogen Royalties Inc. (TSXV:OGN, OTCQX:OGNRF) has reported a profitable quarter for the period ending March 31, 2024, generating positive cash flows from operations.

Royalty revenue increased to $1,478,699 from $1,314,066 year-over-year. This increase is attributed to stable gold equivalent ounces (GEOs) sold at a higher average price of US$2,070 per ounce. Despite a 53% decline in prospect generation income to $437,319, the company maintained profitability with a net income of $285,647, down from $632,213 in the previous year due to lower prospect generation activities.

General and administrative expenses fell 8% to $1,378,975. Operating activities generated $893,780 in cash flow, down from $1,162,045, although cash flow excluding changes in non-cash working capital saw a 72% increase. Working capital stood at $19,002,637 on March 31, 2024.

Key assets include the Ermitaño Mine in Mexico, which contributed $1,478,699 in royalty revenue due to higher commodity prices despite lower production compared to the previous quarter. Additionally, the Expanded Silicon project in Nevada, operated by AngloGold Ashanti NA, continued to show promising exploration results.